Explain the role of financial mangement, human resource management, and information management in a business

The Roles of Financial , Human Resource

and Information Technology Management in Business

Custom Research by The Roles of Financial , Human Resource and

Information Technology Management in Business

Abstract

Given the complex nature of the modern business organization , the internal elements of that organization are as important as the product or service that the business provides to the customer . Internal management functions guide the future of the organization and ensure that the daily business operations flow smoothly . With this in mind this will explore the roles that three important management

functions- Finance , Human Resources and Information Technology-play in the success , or failure , of all businesses

Financial Management 's Role in Business

In its most basic form , the purpose of any business is to take a given set of resources , foremost among them money , and put the resources to their best use to generate a return on investment (Miner , 2002 . With this simple view of business as a starting point , the role that Financial Management plays in business is clearly seen . Taking this role to a higher level , interesting findings emerge

A successful Financial Management entity in any business will not only generate the return on investment that was mentioned earlier , but will also make it possible for the business to realize financial gains to the point where the business can not only sustain itself in its present state of affairs , but also be able to grow in size and market share thereby providing added benefits to the ownership of the business , the shareholders in the case of publicly owned companies , and stakeholders in the case of every company (Binder , 2003 . Without incentives for employees to put forth an exemplary effort in service of the company and financial incentives are ideal for everyone , a company will usually suffer if not fail completely . In this sense , Financial Management dovetails nicely with the role of Human Resources Management in the organization

The Role of Human Resources Management

If effective financial policies motivate the members of business organizations to rise to the challenge , than it can fairly be said that Human Resources Management must be effective to attract , retain and assist those organizational members in the first place

Basically stated , Human Resources Management in its best practice is the process of recruiting , hiring , retaining and serving the needs of employees (Ramlall , 2003 . Human Resources Management in modern business is vitally important from a variety of viewpoints Competitively , businesses find themselves needing the most qualified employees they can find to perform job tasks at any skill level Therefore , the Human Resource Manager 's ability to identify the best qualified employees seeking a position within the organization is a massively important first step in the proper HR system . After these potential candidates are deemed to be qualified , at least upon first inspection , the HR Manager must then verify skill sets and experience When the qualifications of workers are verified and they become contributors to the organization , the task of making sure that these workers remain at...